I have read dozens of trading books for stocks, options & forex. One common denominator is….. the only good system is the one you develop yourself.

I tried Alert Services, software (including automatic trading programs, A/K/A EA's, autopilot & robots). I lost money with each one. It took me three years…. but now I have a system I created. It works for me because I made it based on how I need to trade.

The only people that make money with automatic systems are people that are already successful in trading. They put their rules into the program & they know when to run it.

Trading FX can be very rewarding…. but only if you take the time and work hard to get to your goals. Even with a lot of skill, the vast majority of people that try it…. fail.
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Forex is what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professions at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It's a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It's a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

I have never heard of a automated Forex program for home use that actually works, although a lot of people on the internet try to hawk programs they claim work. However, I am sure the professionals that constitute most of the Forex market have better programs that you are able to buy. Once again, you are playing at a disadvantage.

I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
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tommyfourth, A great forex system means you need to constantly have high probability trades. You also need to be aware of all the currency pairs in real time. Maybe this blog can help. http://www.whatisforextrading.com/blog/ Remember, no trading will be fool proof, so be cautios about the claims some trading systems make.
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Hello all,

I'd like to share my views with you. There are certain things you should follow while buying a currency system

1. Understanding the basis of the logic of the system.

2. The system should aim to catch the long-term trends; day trading currencies has less probability of success than long term trading.

3. Simple systems tend to work best, as they are stronger in the face of changing market conditions. There is no link in currency trading systems between complexity of systems and their success.

4. Look at the maximum drawdown from peak equity. This is important in terms of money management, as you need to expect your biggest drawdown is ahead and commit sufficient funds to cover these downturns.

5. Not all systems come with real trading records; they can come with simulations over historical data. If the basis is soundly based logic then they can still work well.

6. At last, judge a system over years not months. All systems can have periods of losses.

Hope it may be helpful
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